News

NEW TAX CREDITS FOR 2014 – WHAT DO THEY MEAN FOR YOU?*

2014 was a landmark year for enhanced family and child related tax benefits. We are committed to helping you get the most from these government announced initiatives. Here’s what’s proposed: UNIVERSAL CHILD CARE BENEFIT As of January 1st, 2015 the UCCB would increase to $1,920 per year for each child under the age of 6 ($160/mth from $100/mth) The UCCB would also expand with a new benefit of $720 per year for each child aged 7-17 ($60/mth from $0/mth) CRA will issue a ‘catch-up payment’ for amounts payable from January through June in July 2015. This means: for children under

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Tax News

Announced October 9th (but not yet passed into law) both the fitness credit and the art credit for 2014 will be $1000 each. Be sure to keep receipts. The government has initiated some movement on the election promise of employment income splitting for families. A somewhat disappointing limit of $2000 per year was mentioned. This may be the first step toward an incremental change over a longer period of time and as such can be very exciting news! YEAR END TAX TIPS: Canada Disability Tax Grant: The government will provide a grant of up to 300% on contributions made towards

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CASH … a risky tax plan!

Generally accepted practices for all cash transactions demands that the payee should always receive a receipt at the time of accepting a cash payment. Many businesses will give a small discount for cash payments as certain transaction fees are avoided. If you are ever offered a reduced price for cash without a receipt think twice! Usually this means that the person asking for an “unreceipted” cash transaction will not be reporting the sale as income to Canada Revenue Agency. This behaviour promotes the impression that the sales person or worker is less than honest. This should naturally reduce your confidence

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